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Nokia Corp.’s CEO, Pekka Lundmark, is one of many corporate bosses who have been watching helplessly from the outside while his stock is destroyed by the short selling frenzy that engulfed Wall Street.
The volatility in our share prices “has nothing to do with our business,” he told Bloomberg News. “As a CEO, what can I say? The only thing I can do is focus on my business. “
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Lundmark thinks that stock market regulators can do something by closely reviewing the trading rules after a little pressure that caused his company’s stock price to skyrocket.
Shares in the Espoo, Finland-based telecommunications provider skyrocketed 56% to $ 6.55 each in the three trading days until January 27, when members of the Reddit WallStreetBets group teamed up to squeeze short sellers.
The stake sold in Nokia shares reached 59.55 million on January 15, an increase of 17% from 50.52 million on December 31, according to the most recent Dow Jones Market Data available.
US Treasury Secretary Janet Yellen met on Thursday with the heads of the Federal Reserve, Federal Reserve Bank of New York, Securities and Exchange Commission and Commodity Futures Trading Commission to discuss what exactly is driving the extreme volatility in selected actions and the role of the Reddit community may be playing.
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The meeting is unlikely to produce results in the short term, but it may pave the way for future rule making.
The questions asked to Nokia by FOX Business were not answered immediately.
| Ticker | Safety | Last | change | Change % |
|---|---|---|---|---|
| NOK | NOKIA CORP. | 4.39 | -0.31 | -6.60% |
Nokia released its fourth quarter results on Thursday morning that exceeded Wall Street estimates, but warned that the current fiscal year would be challenging due to a “significant decline” in its Mobile Networks unit and price erosion in the North America.
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The shares were up 20% this year through Wednesday.